Tag: Income Inequality

San Francisco has the most billionaires, per capita, than any city in the U.S. according to a new study conducted by data firm Wealth-X. There is roughly one billionaire for every 11,600 people in the major city closest to tech-hub silicon valley.

Globally, the population of billionaires decreased by 5% to about 2,600 individuals. Total wealth of the world’s billionaires declined as well, by 7% to about $8.6 trillion. Much of the drop off took place in Asia due to the economic slowdown in China.

The net worth of U.S. billionaires dropped as well, by 5%, but the overall number of U.S. billionaires increased by 4%.

New York City ranks second in terms of billionaire-frequency. There is one ten-figure individual for every 81,000 people in New York.

The annual census conducted by Wealth-X, which tracks the mega-wealthy, also paints a broader picture of who the world’s billionaires are. For example:

• 88% of the world’s billionaires are men.
• The age of the average billionaire is 65.
• 56% of billionaires are self-made – meaning their vast wealth was not inherited.

A new report released today says that 82% of the wealth created in 2017 went to the world’s richest 1%. The report, published by Oxfam International, an advocacy group dedicated to the eradication of world poverty, also estimated that the bottom 50% of the world’s population saw no increase in wealth. The trend, according to Oxfam, shows that the global economy is skewed in favor of wealth rather than work.

“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” said Oxfam executive director, Winnie Byanyima. The people who “make our clothes, assemble our phones and grow our food” are being exploited to enrich corporations and the super wealthy, she added.

Oxfam said the focus of governmental economic policy should be more equitable distribution of wealth and the strengthening of worker’s rights. These could be achieved through initiatives like instituting higher livable wages, addressing gender wage inequality and strengthening labor unions. The group also said that a goal of tax policy should be to reduce extreme wealth.